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Lina A.
Lina A.
Melbourne, VIC
4 Likes
1 Followers

Homer Simpson is selling his farm of two titles (one old title and one Torrens Title) and the parties have agreed the vendor will provide two Transfer of Land Act titles. However, the new purchaser does not want to pay GST and keep stamp duty to a minimum. What advice could you offer to not pay GST and reduce stamp duty? What documents have to be prepared for the conversion to a transfer of title?

4 months ago

Responses

https://www.ato.gov.au/Business/GST/In-detail/Your-industry/Property/GST-and-property/?page=7

there will be no GST on the sale of farm land if the property has been used as a farm for 5 years.

If the property has not been used as a "farm" and held as a passive investment then in all likelihood the sale should not be subject to GST as the owner is not registered for GST, and the property is not part of a business "enterprise"........ie if you are not a farmer and not in business and not registered for GST then there will be no GST anyway.

Get yourself a good CA or CPA and get the right advice.....because the cost of getting it wrong is probably going to be pretty big:)

good luck
bc

4 months ago

Thank you very much for that Brendan! Much appreciated!

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